Or. Admin. Code § 813-110-0021 - Reservation in Lieu of Certification

(1) For a reservation granted under OAR 813-110-0025:

(a) The reservation is valid for 240 days and is subject to extension by OHCS at its sole discretion; and

(b) Is a confirmed reservation unless the lending institution modifies the original letter of intent or there is a failure to comply with material terms of the reservation.

(2) A sponsor that furnishes OHCS a firm commitment of financing prior to the expiration of a reservation is eligible, subject to other program requirements, for issuance of a certification.

(3) A sponsor that has a reservation issued shall notify OHCS of any change in the lending institution as well as any failure to comply with a material term of the reservation.

Notes

Or. Admin. Code § 813-110-0021

HSG 6-1991(Temp), f. & cert. ef. 11-5-91; HSG 3-1992, f. & cert. ef. 2-4-92; HSG 7-1994, f. & cert. ef. 9-9-94; HSG 2-1995, f. & cert. ef. 9-25-95; OHCS 7-2006, f. & cert. ef. 5-17-06; OHCS 14-2007(Temp), f. & cert. ef. 10-16-07 thru 4-12-08; OHCS 5-2008, f. & cert. ef. 4-11-08; OHCS 9-2013(Temp), f. & cert. ef. 6-21-13 thru 12-18-13; OHCS 22-2013, f. & cert. ef. 12-18-13; OHCS 36-2014, f. & cert. ef. 12/2/2014; OHCS 21-2022, amend filed 08/30/2022, effective ; OHCS 20-2024, temporary amend filed 05/31/2024, effective 5/31/2024 through 11/26/2024; OHCS 27-2024, amend filed 08/27/2024, effective 9/2/2024

Statutory/Other Authority: ORS 317.097 & ORS 456.515-456.725

Statutes/Other Implemented: ORS 317.097